New Issue: Morgan Stanley prices $1.55 million 0% buffered securities linked to S&P 500

By E. Janene Geiss

Philadelphia, May 28 - Morgan Stanley priced a $1.55 million offering of 0% buffered securities due Sept. 2, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain. Investors will receive par for losses up to 20%. If the index declines by more than the 20% buffer amount, investors will share in any losses, but will not receive less than $200 for each $1,000 principal amount of notes.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Buffered securities
Underlying index:	S&P 500 index
Amount:	$1,545,000
Maturity:	Sept. 2, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain; par for losses up to 20%; investors will share in losses beyond 20%, but will not receive less than $200
Initial level:	1,375.93
Pricing date:	May 23
Settlement date:	June 2
Agent:	Morgan Stanley & Co. Inc.
Fees:	2.4%

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